On Oct. 10, 2006, Standard&Poor's Ratings Services revised the outlook on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) to stable from negative. At the same time, the long-term 'A' and short-term 'A-1' counterparty credit ratings were affirmed. The rating action follows today's outlook revision to stable from negative on HVB's 93.9% owner UniCredito Italiano SpA (UniCredito; A+/Stable/A-1), indicating that the UniCredito group's solid business and financial profiles are expected to be maintained in the future. The ratings on HVB are based on its strategically important status within the UniCredito group. HVB's profile will change substantially through the planned group-internal transactions over the next few quarters, particularly through the planned disposal of Bank Austria Creditanstalt AG (BA) in 2006
